Bank pre payment charges for cc limits

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This query is : Resolved

Bhavesh Mehta (Querist)
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13 March 2018 Dear

I am shifting my limits from Kotak Mahindra bank to Yes Bank. My limits are due to renew on 15th March and I have already informed Kotak to not renew my limits as I am shifting. They are harassing me that there would be pre-payment charges of 2%. How can I save my self from this and also take the case of Kotak Bank. The Bank is also harassing to the core to shift the limits. Is there any way I can file a case against them to mentally torture me.

Will Ombudsman help me in this matter.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 March 2018 yes. ombudsman will help in this matter. There are no prepayment charges on CC loans. also check your sanction letter whether it provides for any such charges or not.

Bhavesh Mehta

Bhavesh Mehta (Querist)
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13 March 2018 All the bank sanction letter always mention pre payment charges as 2-4% but since my renewal is already due on 15th March and I have already intimate them to not renew still they are harassing.

How do I fire them.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 March 2018 then where is the scope of prepayment. As on 15 March, there is no prepayment as the loan is due on that date. Renewal is as good as a fresh sanction. So if you don't accept, it is as good as no renewal. and if you already have sanction from Yes bank, then just use Yes bank limit for transfer settling dues with Kotak

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